Proskauer Represents Underwriters in Equity Residential's $500M Senior Notes Offering
Deal News | May 22, 2025 | Proskauer Rose (UK) LLP
Proskauer, an esteemed international law firm, played an instrumental role in representing the underwriters for a significant senior notes offering by Equity Residential, a prominent real estate company listed on the NYSE. This offering, conducted through ERP Operating Limited Partnership, amounted to $500 million in aggregate principal, featuring 4.950% notes set to mature on June 15, 2032. The offering was publicized under a shelf registration statement on Form S-3, with Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, and Wells Fargo Securities, LLC acting as the joint book-running managers. The transaction settled on May 12, 2025, and the proceeds are intended for Equity Residential’s general corporate purposes and working capital. Proskauer's agile legal team, led by partner David Slotkin and associate Dylan Conn, steered this complex financial operation, bolstering Proskauer's reputation in capital markets and tax advisory. Equity Residential, a reputable S&P 500 member, focuses on thriving residential property developments across key U.S. cities.
Sectors
- Real Estate
- Financial Services
- Legal Services
Geography
- United States – The offering involves Equity Residential, a U.S.-based company, and U.S. financial institutions, with geographic relevance primarily in U.S. cities.
Industry
- Real Estate – Equity Residential is involved in the acquisition, development, and management of residential properties.
- Financial Services – The involvement of major financial institutions and underwriters in the capital markets transaction classifies this as Financial Services.
- Legal Services – Proskauer Rose LLP provided legal advisory services in the execution of the senior notes offering.
Financials
- $500 million – The aggregate principal amount of the senior notes issued by Equity Residential.
- 4.950% – The interest rate of the senior notes due on June 15, 2032.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Proskauer Rose (UK) LLP | Legal Advisor | Company | An international law firm that advised the underwriters in the senior notes offering. |
| Equity Residential | Issuer | Company | A prominent U.S. real estate company focused on acquiring and managing residential properties. |
| ERP Operating Limited Partnership | Operating Partnership | Company | The operational partnership through which Equity Residential issued the senior notes. |
| Citigroup Global Markets Inc. | Joint Book-Running Manager | Company | One of the major financial institutions overseeing the notes offering. |
| J.P. Morgan Securities LLC | Joint Book-Running Manager | Company | One of the major financial institutions overseeing the notes offering. |
| RBC Capital Markets, LLC | Joint Book-Running Manager | Company | One of the major financial institutions overseeing the notes offering. |
| Wells Fargo Securities, LLC | Joint Book-Running Manager | Company | One of the major financial institutions overseeing the notes offering. |
| David Slotkin | Partner, M&A | Person | Lead partner at Proskauer involved in the notes offering. |
| Dylan Conn | Associate, Capital Markets | Person | Associate at Proskauer involved in the capital markets aspect of the offering. |